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Instruments GuideOptions

MU options configuration

The reference configuration for the MU Dated Options contract:

ParameterValue
Product typeDated European Option
Symbol formatMU-USD-{Expiry}-{Strike}-{Type}
Base currencyMU
Quote currencyUSD
Settlement currencyUSDC
Price tick size0.01 USD
Order size increment0.1 MU
Minimum order value20 USD
Maximum order size250 MU
Maximum open orders150
Position limit2,500 MU
Spot band factor50%
IV band factor50%

Index and settlement price

MU options are priced off the Paradex MU Spot Oracle Price, the same index used by the MU-USD-PERP perpetual, and settle at the 30-minute TWAP of that price ending at expiry. The Spot Oracle Price is computed as a weighted median of the sources below. Each source has a score; its weight is that score divided by the total score of the sources available at the time, so weights differ between market open and closing hours.

SourceDescriptionScoreAvailability
PythPyth MU equity index3Open hours
StorkStork MU oracle price2Open hours
BinanceBinance MU index price1Open hours
BybitBybit MU index price124/7
HyperliquidHyperliquid MU index price124/7
OKXOKX MU index price124/7
LighterLighter MU index price0.724/7
Closing PriceParadex MU spot price at the market closing timestamp0.5Closing hours
Internal PriceEMA of the Paradex MU-USD-PERP mark price with a 1-hour half-life, initialised at the Closing Price0.5Closing hours
SourceScoreWeight
Pyth330.93%
Stork220.62%
Binance110.31%
Bybit110.31%
Hyperliquid110.31%
OKX110.31%
Lighter0.77.22%
Total9.7100%

Market hours

MU options follow the equities session: open 24/5 from Sunday 8:00 PM ET to Friday 8:00 PM ET, including pre-market, regular, post-market and overnight sessions. Weekends are closing hours.

Example

To find the Spot Oracle Price, sort the source prices from lowest to highest and add up their scores in that order. The Spot Oracle Price is the first price at which the running total goes above half of the total score. If the running total lands exactly on half, the price is the average of that source’s price and the next one. A source with no fresh price is left out, and the total is recomputed from the sources that remain.

The prices below are illustrative.

Total score is 9.7, so half is 4.85.

SourcePriceScoreCumulative score
Lighter1056.500.70.7
Bybit1057.0011.7
OKX1057.3012.7
Hyperliquid1057.6013.7
Binance1057.9014.7
Stork1058.2026.7 ← first above half
Pyth1058.8039.7

The MU Spot Oracle Price is 1058.20 (Stork).

Mark and settlement price

  • Mark price: the Spot Oracle Price is the spot input SS to the synthetic forward used by the Black-76 mark price.
  • Settlement price: options settle at 08:00 UTC on the expiry date using a 30-minute TWAP of the Spot Oracle Price ending at expiry.

See TradFi Price Oracle for the methodology across all TradFi markets.

Margin Configuration